- Periodic auctions and systematic internalisers run by electronic liquidity providers accounted for record shares of European equity trading in May, even though market-wide activity fell following a blockbuster April.
- Dark order books also gained market share, but they remain below their all-time high in July last year.
- The market share for every type of trading and every venue has changed compared with previous editions of this report because we no longer count non-price forming trades in the off-book, on-exchange category.
- The European Commission is considering removing the regulation that requires brokers to report non-price forming trades, a move that would simplify the over-the-counter segment of equity trading.
- XTX and Citadel Connect, the two largest ELP SIs, lost market share to their four smaller rivals last month. Jump and Optiver, which also operate SIs, do not provide us with their numbers.
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